Oil prices fall as investors focus on looming Fed rate decision

Oil prices fell on Monday ahead of a U.S. Federal Reserve policy meeting as investors tried to gauge the central bank’s appetite for further interest rate hikes and amid concerns about the prospects for Chinese demand and rising Russian supply.

Brent crude futures were down $2.12, or 2.8%, to $72.67 a barrel by 1350 GMT. U.S. West Texas Intermediate (WTI) crude was down $2.33, or 3.3%, at $67.84.

Last week both benchmarks posted a second straight weekly decline as disappointing Chinese economic data raised concerns about demand growth in the world’s largest crude importer.

That helped erase a boost in prices after Saudi Arabia pledged to cut production in July by 1 million barrels per day (bpd).